Coffee price today August 22, 2024: Continued to increase strongly by more than 1,000 VND
Coffee prices today, August 22, range from 118,500 - 119,300 VND/kg, a sharp increase of 1,100 to 1,200 VND compared to yesterday. The upward trend in world coffee prices will continue.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 118,500 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 119,200 VND/kg. In Ea H'leo district (Dak Lak), Buon Ho district (Dak Lak), the coffee price today is purchased at the same level of 119,100 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 119,300 VND/kg in Gia Nghia and 119,200 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 119,200 VND/kg (Chu Prong), in Pleiku and La Grai the price is 119,100 VND/kg.
Today's coffee price in Kon Tum province is purchased at 119,200 VND/kg.
The domestic coffee market increased sharply from 1,100 to 1,200 VND compared to the same time yesterday.
From September to October, there is a possibility that Vietnam will switch to La Nina status with a rate of 60-70%. It is expected that from November 2024 to January 2025, La Nina status will maintain at a rate of 70-80%.
La Nina conditions could bring heavy rains in the North and complex weather conditions in the Central region. There is a risk of heavier than normal rains in the Central coastal region, increasing the risk of flooding and urban flooding.
Increased rainfall could lead to flash floods and landslides, especially in mountainous areas. Extreme weather events such as tornadoes and short-term heavy rains could occur more frequently, affecting socio-economic development.
This is not favorable for farmers, especially during the harvest season from October to November, raising concerns about coffee supply from Vietnam.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery increased by 24 USD/ton, at 4,903 USD/ton, and for November 2024 delivery decreased by 10 USD/ton, at 4,609 USD/ton.
Arabica coffee prices for September 2024 delivery increased by 1.10 cents/lb to 250.55 cents/lb, and for December 2024 delivery increased by 1.05 cents/lb to 249.55 cents/lb.
Brazil is finishing its coffee harvest and continues to export large quantities at reasonable prices. According to Cecafe, Brazil exported 203,000 tons of coffee in July, up 25% from last year. Of this, robusta accounted for 54,000 tons, up 82%, while the rest was arabica.
In total, in the first 7 months of 2024, Brazil's coffee exports reached nearly 1.55 million tons, an increase of 52% over the same period in 2023.
Brazilian farmers are estimated to have sold about 40% of their coffee harvest, about the same as last year.
